The Hindu Business Line : Surya Pharma public offer opens on Dec 18

Mr Rajeev Goyal, Managing Director, Surya Pharmaceuticals, with Mr N.R. Suresh, Director, Systematix Corporate Services, at a press conference in Mumbai on Tuesday. — Paul Noronha

Mumbai , Dec. 9

SURYA Pharmaceuticals Ltd will open its initial public offer on December 18. The offer of 30 lakh equity shares of Rs 10 each for cash at a premium of Rs 35 each would aggregate Rs 13.5 crore.

The proceeds would be used to meet working capital requirements and put in place infrastructure and machinery for continued R&D, Mr Rajeev Goyal, Managing Director, Surya Pharmaceuticals told presspersons here on Tuesday.

The shares of the company will be listed on the NSE and BSE with Systematix Corporate Services Ltd as the lead manager and Big Share Services Pvt Ltd as registrar.

Surya Pharma manufactures active pharmaceutical ingredients, intermediates and formulations. The company plans to enter into high value and regulated market by getting its products registered. At present, Surya Pharma allocates two to three per cent of its total turnover on R&D and plans to increase the spend on the same, according to Mr Goyal.

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Surya Pharma public offer opens on Dec 18